NYREI UPDATED ACTUAL LATEST
QUESTIONS AND ANSWERS SURE A+
✔✔Freehold Estate - ✔✔Is a possessory interest of unpredictable duration. Among the
unpredictable events that could end someones possessory interests are
Sale of the property
owners death
foreclosure
confiscated for back taxes
condemned under eminent domain
✔✔Types of freehold estates - ✔✔Fee Simple Absolute
fee Simple Defeasible or Qualified Fee
Fee Tail Title
Life Estate
✔✔Fee Simple absolute estates - ✔✔Are also called in fee or just fee simple. It is the
highest, fullest, freehold estate that exists in real estate property. No conditions on the
property and include all of the bundle of rights. They are inheritable, transferable, and
perpetual.
✔✔Fee Simple Defeasible or Qualified Fee Estate - ✔✔A grantor puts a condition or
requirement in the deed that limits the title. The interest can be defeated or undone if
conditions are not met or if a designated event occurs. It creates a type of encumbrance
on the title because it runs with the land, meaning that the restriction is not against the
owner, but against the land.
✔✔Types of Qualified Fee:
Determinable fee estate
Fee Simple Subject to a condition or subsequent
Fee Simple upon condition precedent or fee subject to executory: - ✔✔(Determinable
Fee Estate: The grantor retains a "possibility of reverter" which is the right to regain the
use and possession of the property if the stated event occurs.)
,(Fee Simple Subject to a condition or subsequent: the grantor retains the right of
reentry, which means the grantor has the right to terminate the estate, but does not
happen automatically. Generally, the grantor would have to prove in court that the
stated event occurred)
(Fee Simple upon condition precedent or fee subject to executory: the grantor retains
title to the estate until the specific condition occurs. i.e Bill will transfer title to his
grandson, if his grandson marries before his 25th birthday)
✔✔Life Estate - ✔✔This is a freehold estate that lasts only as long as the specified
person holding the life estate, known as the life tenant lives. A conventional or ordinary
life estate.
✔✔Life estate future interests
Reversionary
Remainder - ✔✔Reversionary-the property reverts to the grantor or the grantors heirs
when the life tenant dies.
Remainder- The grantor grants the life estate to one person, then to another person, the
Remainderman, upon the death of the measuring life.
✔✔Andrew conveys a life estate to his son Bart for as long as his wife Carla shall live,
and then to his son Doug. What type of estate does this describe? - ✔✔Life estate pur
autre vie
✔✔Andrew conveys a life estate to his son Bart for as long as his wife Carla shall live,
and then to his son Doug. Who is the life tenant? - ✔✔Bart. Bart is the life tenant. he
owns the life estate and has a present interest in the property.
✔✔Andrew conveys a life estate to his son Bart for as long as his wife Carla shall live,
and then to his son Doug. Who is the measuring life? - ✔✔Carla. Clara's life is the
measuring life. She has no interest in the property, present or future.
✔✔Andrew conveys a life estate to his son Bart for as long as his wife Carla shall live,
and then to his son Doug. Bart dies before Carla. Now who has the present interest in
the estate? - ✔✔Barts heirs. A life estate is inheritable. Therefore, if life tenant Bart dies
before the measuring life, Carla, dies, the life estate goes to Barts heirs.
✔✔Life Estate Pur Autre Vie - ✔✔A life estate "For the life of another" where the
measuring life is someone other than the life tenant.
✔✔Which estate is not inheritable - ✔✔Conventional life estate. A conventional life
estate is not inheritable since the estate ends at the death of the life tenant.
, ✔✔Leasehold Estate - ✔✔An interest that give the holder (Lessee or renant) a
temporary right to possesion of the estate without having a title. The owner is also
known as the lessor or landlord.
✔✔Estate for years - ✔✔Is a leasehold estate for a fixed time period.
Has a specific beginning and ending date.
Is sometimes called term tenancies.
Is not terminated by the death of either party or by the sale of the property.
✔✔Periodic Tenancy - ✔✔Lasts for an identified time period, but does not have a
termination date. Is also called an estate from year to year or a periodic to periodic
tenancy. It automatically renews itself at the end of each period until someone
terminates it.
✔✔Tenancy At Will - ✔✔Has no specified termination date with no regular period. Is
also known as an estate at will. Cannot be transferred to someone else. Ends on the
death of a landlord or tenant. It can be created when the lease ends and the landlord
lets the tenant stay for an indeterminable length of time with no expectation of regular
rent.
✔✔Tenancy At Sufferance - ✔✔Is a possession of property by a tenant who originally
had no right to live in the property because of a valid lease, but stays in the property
after the lease expired without the landlords permission. It occurs when a tenant has a
valid lease but stops paying rent. Is also known as an estate at sufferance. is not
technically a leasehold estate.
✔✔Otis owns two duplexes. When he dies, his four tenants must vacate the property.
What kind of lease do they have? - ✔✔Tenancy at will. (A tenancy at will is not an
inheritbale estate, and does not survive the death of a property owner(or a lessee). the
leases of these four tenants are terminated when Otis dies)
✔✔What type of property is a leasehold estate. - ✔✔personal property.
✔✔Drew lets his brother Steve live on the other half of his duplex until he finds a "real
job" Steve gives Drew some money for bills from his job delivering pizza. What does this
situation represent - ✔✔Tenancy At will. A Tenancy At will or estate at will is a
leasehold estate with no termination date and no regular rental period. Sometimes no
rent is paid, other times any rent paid has no reference to time periods.
✔✔Gina has an easement to Drive across her neighbor Fred's property to get to her
house. Who has the servient tenement? - ✔✔Fred (In this example, the burdened
property or servient tenement is Fred's)
QUESTIONS AND ANSWERS SURE A+
✔✔Freehold Estate - ✔✔Is a possessory interest of unpredictable duration. Among the
unpredictable events that could end someones possessory interests are
Sale of the property
owners death
foreclosure
confiscated for back taxes
condemned under eminent domain
✔✔Types of freehold estates - ✔✔Fee Simple Absolute
fee Simple Defeasible or Qualified Fee
Fee Tail Title
Life Estate
✔✔Fee Simple absolute estates - ✔✔Are also called in fee or just fee simple. It is the
highest, fullest, freehold estate that exists in real estate property. No conditions on the
property and include all of the bundle of rights. They are inheritable, transferable, and
perpetual.
✔✔Fee Simple Defeasible or Qualified Fee Estate - ✔✔A grantor puts a condition or
requirement in the deed that limits the title. The interest can be defeated or undone if
conditions are not met or if a designated event occurs. It creates a type of encumbrance
on the title because it runs with the land, meaning that the restriction is not against the
owner, but against the land.
✔✔Types of Qualified Fee:
Determinable fee estate
Fee Simple Subject to a condition or subsequent
Fee Simple upon condition precedent or fee subject to executory: - ✔✔(Determinable
Fee Estate: The grantor retains a "possibility of reverter" which is the right to regain the
use and possession of the property if the stated event occurs.)
,(Fee Simple Subject to a condition or subsequent: the grantor retains the right of
reentry, which means the grantor has the right to terminate the estate, but does not
happen automatically. Generally, the grantor would have to prove in court that the
stated event occurred)
(Fee Simple upon condition precedent or fee subject to executory: the grantor retains
title to the estate until the specific condition occurs. i.e Bill will transfer title to his
grandson, if his grandson marries before his 25th birthday)
✔✔Life Estate - ✔✔This is a freehold estate that lasts only as long as the specified
person holding the life estate, known as the life tenant lives. A conventional or ordinary
life estate.
✔✔Life estate future interests
Reversionary
Remainder - ✔✔Reversionary-the property reverts to the grantor or the grantors heirs
when the life tenant dies.
Remainder- The grantor grants the life estate to one person, then to another person, the
Remainderman, upon the death of the measuring life.
✔✔Andrew conveys a life estate to his son Bart for as long as his wife Carla shall live,
and then to his son Doug. What type of estate does this describe? - ✔✔Life estate pur
autre vie
✔✔Andrew conveys a life estate to his son Bart for as long as his wife Carla shall live,
and then to his son Doug. Who is the life tenant? - ✔✔Bart. Bart is the life tenant. he
owns the life estate and has a present interest in the property.
✔✔Andrew conveys a life estate to his son Bart for as long as his wife Carla shall live,
and then to his son Doug. Who is the measuring life? - ✔✔Carla. Clara's life is the
measuring life. She has no interest in the property, present or future.
✔✔Andrew conveys a life estate to his son Bart for as long as his wife Carla shall live,
and then to his son Doug. Bart dies before Carla. Now who has the present interest in
the estate? - ✔✔Barts heirs. A life estate is inheritable. Therefore, if life tenant Bart dies
before the measuring life, Carla, dies, the life estate goes to Barts heirs.
✔✔Life Estate Pur Autre Vie - ✔✔A life estate "For the life of another" where the
measuring life is someone other than the life tenant.
✔✔Which estate is not inheritable - ✔✔Conventional life estate. A conventional life
estate is not inheritable since the estate ends at the death of the life tenant.
, ✔✔Leasehold Estate - ✔✔An interest that give the holder (Lessee or renant) a
temporary right to possesion of the estate without having a title. The owner is also
known as the lessor or landlord.
✔✔Estate for years - ✔✔Is a leasehold estate for a fixed time period.
Has a specific beginning and ending date.
Is sometimes called term tenancies.
Is not terminated by the death of either party or by the sale of the property.
✔✔Periodic Tenancy - ✔✔Lasts for an identified time period, but does not have a
termination date. Is also called an estate from year to year or a periodic to periodic
tenancy. It automatically renews itself at the end of each period until someone
terminates it.
✔✔Tenancy At Will - ✔✔Has no specified termination date with no regular period. Is
also known as an estate at will. Cannot be transferred to someone else. Ends on the
death of a landlord or tenant. It can be created when the lease ends and the landlord
lets the tenant stay for an indeterminable length of time with no expectation of regular
rent.
✔✔Tenancy At Sufferance - ✔✔Is a possession of property by a tenant who originally
had no right to live in the property because of a valid lease, but stays in the property
after the lease expired without the landlords permission. It occurs when a tenant has a
valid lease but stops paying rent. Is also known as an estate at sufferance. is not
technically a leasehold estate.
✔✔Otis owns two duplexes. When he dies, his four tenants must vacate the property.
What kind of lease do they have? - ✔✔Tenancy at will. (A tenancy at will is not an
inheritbale estate, and does not survive the death of a property owner(or a lessee). the
leases of these four tenants are terminated when Otis dies)
✔✔What type of property is a leasehold estate. - ✔✔personal property.
✔✔Drew lets his brother Steve live on the other half of his duplex until he finds a "real
job" Steve gives Drew some money for bills from his job delivering pizza. What does this
situation represent - ✔✔Tenancy At will. A Tenancy At will or estate at will is a
leasehold estate with no termination date and no regular rental period. Sometimes no
rent is paid, other times any rent paid has no reference to time periods.
✔✔Gina has an easement to Drive across her neighbor Fred's property to get to her
house. Who has the servient tenement? - ✔✔Fred (In this example, the burdened
property or servient tenement is Fred's)
